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Christian Downie, Professor, Australian National University

A reversal in US climate policy will send renewables investors packing – and Australia can reap the benefits

Donald Trump United States Joe Biden Australia Inflation Christian Downie Labor The United States

President Donald Trump is trying to unravel the signature climate policy of his predecessor Joe Biden, the Inflation Reduction Act, as part of a sweeping bid to dismantle the United States’ climate ambition.

The Inflation Reduction Act, or IRA, is a A$530 billion suite of measures that aims to turbocharge clean energy investment and slash emissions in the US. Once hailed as a game-changer for the global clean energy transition, it set in train a fierce international competition for renewable energy investment.

But the policy is now hanging by a thread, after the US House of Representatives last month narrowly passed a bill to repeal many of its clean energy measures.

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